Every day an incredible number of credit card payments are made around the world, and the number of payments are steadily increasing. The majority of credit card payments are either made in stores using a point-of-sale (POS) terminal where you insert or swipe your credit card and identify yourself with a personal identification number (PIN), or on the Internet using a computer where you enter your credit card details and in some cases also a security code. However, using your credit card to make payments in a POS terminal or on the Internet comes with a risk of having your credit card information hijacked and abused. In recent years there have been several reports of false or tampered with POS terminals used in restaurants and in shops where the customer's credit card information has been hijacked. Credit card information theft on the Internet is often accomplished using everything from advanced eavesdropping programs to fake websites designed to look legit, but with the sole purpose of hijacking your credit card information. Another drawback with the today's credit card payment systems is that it is almost impossible to make a direct person-to-person payment.
A much safer and easier way to make payments would be to own your own POS terminal which you could make all your transactions with. Unfortunately, a POS terminal is very expensive to purchase and use and you have to pay a fee for each transaction, it is also too bulky to carry around with you, so in reality only a place of business can afford owning one. Thus, a way to make safe credit card payments in stores, on Internet and person-to-person which is inexpensive, easy to manage and portable is highly sought after.